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- Former Tesla, Inc (NASDAQ:TSLA) CTO JB Straubel, who left in 2019 to start Redwood Materials Inc looks to spend $3.5 billion on a battery-materials factory in northwest Nevada, the Wall Street Journal reports.
- The Redwood Materials plant under construction outside Reno, Nevada, will likely be one of the first U.S. facilities to produce critical ingredients required to manufacture EV batteries, WSJ writes.
- Over the past two years, companies from General Motors Co (NYSE:GM) to South Korean battery maker SK Innovation Co Ltd shared over $30 billion of investments in U.S. battery-cell making initiatives.
- Also Read: California Goes Ahead With Lithium Tax Despite Protests From EV Suppliers
- Today, China accounts for 80% of the global cathode material and over 90% of its anode material demands, triggering concerns for the U.S.'s EV prospects.
- Redwood chief JB Straubel aims to manufacture the most expensive component of lithium-ion battery cells or cathode material in the U.S.
- Straubel looks to begin producing cathode materials by the end of 2024 on a 175-acre site.
- Redwood also aims to produce thin copper foil reams that typically serve as the skeleton for a lithium-ion battery's anode.
- By 2025, Redwood aims to support roughly one million electric vehicles annually.
- Straubel aims to source 30% or more of the lithium and nickel and 100% of the cobalt Redwood needs to make cathode materials from its growing recycling operation.
- Redwood looks to spend $3.5 billion over the decade on its battery-materials campus, where employment could exceed 1,500 full-time jobs.
- Tesla supplier Panasonic Holdings Corp (OTC: PCRFY)is also looking to use Redwood's foil, made entirely from recycled or scrap material, in its battery production by the end of the year.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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